WASHINGTON, DC – Growth Energy, the leading voice for U.S. ethanol supporters, released the following statement in response Amendment No. 436, introduced by Sen. Tom Coburn, R-Okla., that would immediately repeal the Volumetric Ethanol Excise Tax Credit (VEETC) and end the tariff on imported ethanol.
Growth Energy President and COO Jim Nussle said,
“This ill-conceived amendment would kill jobs when we should be trying to create them, and raise gas prices at a time when consumers cannot afford to send another penny overseas. This is simply the wrong approach at the wrong time. For some time now the ethanol industry has known that change is necessary – that’s why Growth Energy came out with a plan to phase out the VEETC in favor of building out infrastructure over a year ago. As former Director of the Budget, I am concerned about our nation’s deficit, but this rifle shot approach is fiscally irresponsible and shortsighted. We don’t have to choose between reducing our nation’s deficit and investing in our energy future. With ethanol, we can do both.”
To hear Jim Nussle’s take on how this amendment would affect investment in second-generation biofuels, click here.